After the announcement of the US election results, several tech giant CEOs responded to the election victory of President elect Donald Trump. However, as the technology company with the highest stock market value in the United States, Nvidia founder and CEO Huang Renxun remained silent.
After Trump won the election, the US stock market closed on November 6th with mixed performances of technology company stocks. Among them, Tesla had the largest increase, rising nearly 15% as of the close of the day, Nvidia's stock price rose more than 4%, Intel's stock price rose more than 7%, Amazon's stock price rose nearly 4%, and Microsoft's stock price rose more than 2%. However, the stock prices of Apple and Meta have slightly declined.
On social media, tech executives including Amazon founder Jeff Bezos, OpenAI CEO Sam Altman, Apple CEO Tim Cook, Google CEO Sundar Pichai, Microsoft CEO Satya Nadella, and Meta founder CEO Mark Zuckerberg have expressed their anticipation of working with the Trump administration.
Intel CEO Pete Kissinger stated that Intel looks forward to working with the Trump administration to advance America's leadership in technology and manufacturing worldwide. Intel is undergoing a major restructuring in hopes of regaining its position as the world's leading semiconductor manufacturer. Trump's victory may be crucial for Intel and other chip manufacturers, as the Republican Party has hinted at the possibility of repeal of the Biden administration's Chip and Science Act.
During Trump's previous term, his relationships with many technology companies were not harmonious. Even Tesla CEO Elon Musk, who supported Trump in this election, had clear disagreements with Trump, mainly due to his policies towards the electric vehicle industry. But in this election, Musk became a key ally of Trump.
Despite the Biden administration heavily subsidizing electric vehicles, Tesla has not benefited from Biden's new energy policy. According to the Biden administration's Inflation Reduction Act, only new energy vehicles assembled by union workers in North America are eligible for tax credits, with most Tesla cars excluded.
We believe that Trump's election as president is generally negative for the electric vehicle industry, as tax incentives for electric vehicles may be canceled, but for Tesla, we see it as a huge positive, "said Dan Ives, an analyst at securities firm Wedbush, in a report to clients.
Ives believes that the United States may increase tariffs on imported electric vehicles from China, which will continue to prevent cheaper Chinese electric vehicle brands from entering the US market in the coming years.
Bezos' ownership of The Washington Post has also become a frequent target of attacks during Trump's previous term. Trump has questioned the ownership of The Washington Post, Amazon's tax records, and its relationship with The Washington Post. But Bezos' recent posts on social media have softened his attitude towards Trump. Amazon's current leader Andy Jassy also congratulated Trump.
Facebook once banned Trump from using its services for two years, and Trump also referred to Facebook as an "enemy".